Piper Sandler Boosts NBT Bancorp (NASDAQ:NBTB) Price Target to $33.00

NBT Bancorp (NASDAQ:NBTB) had its price objective hoisted by Piper Sandler from $31.00 to $33.00 in a report released on Wednesday morning, BenzingaRatingsTable reports. Piper Sandler currently has a neutral rating on the bank’s stock. Piper Sandler also issued estimates for NBT Bancorp’s Q3 2020 earnings at $0.62 EPS, Q4 2020 earnings at $0.73 EPS, FY2020 earnings at $2.15 EPS, Q1 2021 earnings at $0.72 EPS, Q2 2021 earnings at $0.63 EPS, Q3 2021 earnings at $0.61 EPS, Q4 2021 earnings at $0.60 EPS and FY2021 earnings at $2.56 EPS.

Several other brokerages have also weighed in on NBTB. Zacks Investment Research raised shares of NBT Bancorp from a sell rating to a hold rating in a research report on Tuesday, July 21st. Stephens initiated coverage on shares of NBT Bancorp in a report on Monday, June 1st. They set an equal weight rating and a $35.00 price target on the stock. Finally, BidaskClub downgraded shares of NBT Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, July 8th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. The company has a consensus rating of Hold and an average price target of $37.25.

NASDAQ NBTB opened at $29.79 on Wednesday. The company has a current ratio of 0.90, a quick ratio of 0.88 and a debt-to-equity ratio of 0.23. NBT Bancorp has a 1-year low of $26.32 and a 1-year high of $41.50. The firm’s fifty day simple moving average is $29.74 and its 200-day simple moving average is $33.13. The company has a market capitalization of $1.31 billion, a PE ratio of 13.67 and a beta of 0.67.

NBT Bancorp (NASDAQ:NBTB) last issued its earnings results on Monday, July 27th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.13. NBT Bancorp had a return on equity of 8.62% and a net margin of 19.05%. The firm had revenue of $115.46 million for the quarter, compared to the consensus estimate of $112.55 million. As a group, analysts predict that NBT Bancorp will post 1.82 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.27 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $1.08 annualized dividend and a yield of 3.63%. NBT Bancorp’s dividend payout ratio (DPR) is presently 39.42%.

In related news, Director V Daniel Robinson II sold 10,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $30.80, for a total value of $308,000.00. Following the sale, the director now owns 13,582 shares of the company’s stock, valued at $418,325.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.29% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in shares of NBT Bancorp by 111.1% in the 2nd quarter. Versant Capital Management Inc now owns 815 shares of the bank’s stock valued at $25,000 after purchasing an additional 429 shares during the period. Jacobi Capital Management LLC raised its position in shares of NBT Bancorp by 28.7% during the second quarter. Jacobi Capital Management LLC now owns 3,478 shares of the bank’s stock worth $83,000 after acquiring an additional 776 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of NBT Bancorp by 60.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,438 shares of the bank’s stock worth $144,000 after purchasing an additional 1,677 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in NBT Bancorp by 23.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,467 shares of the bank’s stock valued at $168,000 after acquiring an additional 1,029 shares during the last quarter. Finally, Cornell Pochily Investment Advisors Inc. bought a new stake in shares of NBT Bancorp during the 1st quarter valued at about $220,000. Institutional investors and hedge funds own 56.00% of the company’s stock.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises commercial and industrial, commercial real estate, agricultural, and commercial construction loans; indirect and direct consumer, home equity, direct loans, mortgages, business banking loans, and commercial loans; and residential real estate loans, as well as development loans.

Recommended Story: What are the benefits of investing in REITs?

Receive News & Ratings for NBT Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NBT Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.